Hawaiian Electric Industries (NYSE:HE) Stock Price Down 9.6% After Earnings Miss

Shares of Hawaiian Electric Industries, Inc. (NYSE:HE - Get Free Report) traded down 9.6% on Monday following a dissappointing earnings announcement. The company traded as low as $9.57 and last traded at $9.62. 1,599,651 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 3,403,281 shares. The stock had previously closed at $10.64.

The utilities provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.07). The company had revenue of $983.38 million for the quarter. Hawaiian Electric Industries had a positive return on equity of 10.69% and a negative net margin of 31.76%. The business's revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.37 earnings per share.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on HE shares. Evercore ISI boosted their price target on shares of Hawaiian Electric Industries from $9.00 to $11.00 and gave the company an "in-line" rating in a research report on Monday. StockNews.com cut shares of Hawaiian Electric Industries from a "hold" rating to a "sell" rating in a research note on Friday, October 4th. Finally, Wells Fargo & Company decreased their target price on Hawaiian Electric Industries from $14.00 to $11.50 and set an "equal weight" rating for the company in a research report on Monday, September 30th.

Institutional Investors Weigh In On Hawaiian Electric Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the business. KBC Group NV increased its position in shares of Hawaiian Electric Industries by 34.8% during the 3rd quarter. KBC Group NV now owns 3,956 shares of the utilities provider's stock valued at $38,000 after purchasing an additional 1,021 shares during the last quarter. Abich Financial Wealth Management LLC increased its position in shares of Hawaiian Electric Industries by 54.4% during the 1st quarter. Abich Financial Wealth Management LLC now owns 3,226 shares of the utilities provider's stock valued at $36,000 after purchasing an additional 1,137 shares during the last quarter. IMS Capital Management increased its position in shares of Hawaiian Electric Industries by 2.5% during the 2nd quarter. IMS Capital Management now owns 51,957 shares of the utilities provider's stock valued at $469,000 after purchasing an additional 1,257 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Hawaiian Electric Industries by 17.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 12,172 shares of the utilities provider's stock worth $137,000 after acquiring an additional 1,766 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Hawaiian Electric Industries by 5.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 32,775 shares of the utilities provider's stock worth $317,000 after acquiring an additional 1,775 shares in the last quarter. Hedge funds and other institutional investors own 59.91% of the company's stock.

Hawaiian Electric Industries Stock Down 6.3 %

The company's fifty day moving average is $10.44 and its 200-day moving average is $11.15. The company has a market capitalization of $1.10 billion, a PE ratio of -0.84 and a beta of 0.53. The company has a debt-to-equity ratio of 2.62, a quick ratio of 0.11 and a current ratio of 0.11.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc, together with its subsidiaries, engages in the electric utility businesses in the United States. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.